ATHENS, Greece, May 19, 2015 /PRNewswire/ -- Paragon Shipping
Inc. (NASDAQ: PRGN) (the "Company") announced today that it has
received written notification from The Nasdaq Stock Market
("Nasdaq") dated May 14, 2015,
indicating that because the closing bid price of the Company's
common stock for the last 30 consecutive business days was below
$1.00 per share, the Company no
longer meets the minimum bid price requirement for the Nasdaq
Global Market, set forth in Nasdaq Listing Rule 5450(a)(1).
Pursuant to the Nasdaq Listing Rules, the applicable grace period
to regain compliance is 180 days, or until November 10, 2015.
The Company intends to monitor the closing bid price of its
common stock between now and November 10,
2015 and is considering its options in order to regain
compliance with the Nasdaq Global Market minimum bid price
requirement. The Company can cure this deficiency if the closing
bid price of its common stock is $1.00 per share or higher for at least ten
consecutive business days during the grace period. In the event the
Company does not regain compliance within the 180-day grace period
and it meets all other listing standards and requirements, the
Company may be eligible for an additional 180-day grace period if
it transfers to the Nasdaq Capital Market.
The Company intends to cure the deficiency within the prescribed
grace period. During this time, the Company's common stock will
continue to be listed and trade on the Nasdaq Global Market.
The Company's business operations are not affected by the
receipt of the notification.
About Paragon Shipping Inc.
Paragon Shipping is an
international shipping company incorporated under the laws of the
Republic of the Marshall Islands
with executive offices in Athens,
Greece, specializing in the transportation of drybulk
cargoes. Paragon Shipping's current fleet consists of sixteen
drybulk vessels with a total carrying capacity of 980,399 dwt. In
addition, Paragon Shipping's current newbuilding program consists
of two Ultramax drybulk carriers and three Kamsarmax drybulk
carriers that are scheduled to be delivered in 2015. The Company's
common shares and senior notes trade on NASDAQ under the symbols
"PRGN" and "PRGNL," respectively. For more information, visit:
www.paragonship.com. The information contained on the Paragon
Shipping's website does not constitute part of this press
release.
Forward-Looking Statements
Certain statements in
this press release are "forward-looking statements" within the
meaning of the Private Securities Litigation Act of 1995. These
forward-looking statements are based on our current expectations
and beliefs and are subject to a number of risk factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Such risks
and uncertainties include, without limitation, the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand for drybulk shipping capacity, changes in our operating
expenses, including bunker prices, drydocking and insurance costs,
the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires and other factors, as well as other risks that have been
included in filings with the Securities and Exchange Commission,
all of which are available at www.sec.gov.
Contacts
Paragon Shipping
Inc.
ir@paragonshipping.gr
DresnerAllenCaron
Rudy
Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
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SOURCE Paragon Shipping Inc.